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Hamilton (905) 769-2005

The Bank of Canada interest rate won’t be changing for the rest of 2018. On December 5, 2018, the Bank of Canada (BOC) announced the overnight interest rate would be staying at 1.75% for the time being. The 1.75% rate came into effect on October 24, 2018. Factors in the BOC decision included: Oil price

General Motors (GM) has announced plans to lay off 14,700 factory and white-collar workers in North America and put five plants up for possible closure. This includes Canadian operations. In Canada, close to 3,000 jobs are being cut and the Oshawa GM plant is planned for closure. GM had 8,072 employees in Canada at the

It’s commonly assumed that people with high incomes don’t need financial help, but that’s not always the case. A lot of the time, high-income earners have a higher cost-of-living, higher expenses, and higher debt. People with higher incomes tend to live in more expensive areas, have bigger mortgages, buy more expensive vehicles and luxury goods,

Accessing home equity is a popular debt consolidation method, but new Canadian mortgage regulations are making that more difficult to do. Under Canada’s new mortgage rules, homeowners who want to undertake mortgage refinancing must qualify according to higher stress-test rates, rather than the existing contractual mortgage rate. For example, say you bought a $400,000 home

It is appearing increasingly likely that we will see another hike during the October 24 Bank of Canada (BOC) interest rate announcement. Since July of 2017, the BOC has increased Canadian interest rates four times, with the last increase being in July of 2018 when it hit 1.5%. The BOC maintained the 1.5% rate during

Two national trends could mean big trouble for the average Canadian consumer’s wallet. The Bank of Canada interest rate increases, and Record-high Canadian gas prices. Let’s break those down further. Canadian Interest Rates Since July 2017, the Bank of Canada has increased interest rates from 0.5% to 1.5%. The 1.5% interest rate is the highest

Perhaps you’re familiar with the theory that the biggest causes of divorce are infidelity and money problems. While this is hard to prove, divorce and debt is a major factor that must be taken into consideration when considering ending a marriage. The Vanier Institute of the Family estimated in 2013 that 41% of marriages in

It can be a nightmare situation — you’re in debt and you’re hit with a job loss. Figuring out how to get out of debt can be difficult while you have a job, and the problem is magnified when you’re unemployed. So, what can you do? Don’t panic — you have options. If you’re unemployed

Payday loans can seem like a great option for quick cash — an advance on your paycheque or regular income payment seems almost too good to be true… and that’s because it often is. When you look closer at payday loans, they’re actually quite shocking. Payday lenders must have a license to operate in Ontario.